Murrey Math Lines 29.07.2016 (EUR/USD, USD/CAD)
29.07.2016
Analysis for July 29th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, the price rebounded from the 2/8 level and then stayed below it. However, right now the pair is moving above the daily Super Trend, which means that it may start a significant ascending correction. Consequently, to resume its decline, the market has to break the H4 Super Trend and the 1/8 level and stay below them.
As we can see at the H1 chart, the 4/8 level provided resistance and the price rebounded from it. The closest target for bears is the 2/8 level. If the price breaks this level and stay below it, the market will continue falling much deeper.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar rebounded from the 7/8 level, which means that it may resume moving upwards. If the price stays above the H4 Super Trend during the day, the pair may reach a new local high soon.
The lines at the H4 and H1 charts are completely the same. If Super Trends form “bullish cross” and the price breaks the 8/8 level and stays above it, the market may start a new ascending movement in the future.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.